Regarding the law of supply, which of the following statements is correct?
A) As the price of a good or service rises, the quantity supplied will increase.
B) As the price of a good or service rises, the quantity supplied will decrease.
C) The ceteris paribus assumption does not apply.
D) As demand falls, supply rises.
Answer: A
You might also like to view...
If the U.S. government increased its holdings of British pounds, definitely
A) the capital and financial account would increase. B) the capital and financial account would decrease. C) there would be an increase in U.S. official reserves. D) there would be a decrease in U.S. official reserves.
Most doctors are employed by the government and most hospitals are owned by the government in
A) Canada. B) Japan. C) the United Kingdom. D) the United States.
A growing number of cigar manufacturers in the Caribbean and Central America have begun producing and exporting cigars to the U.S. market. How has this affected the equilibrium price and quantity of cigars?
What will be an ideal response?
Which of the following is the correct formula to calculate productivity?
a. Output + quantity of input b. Output ? quantity of input c. Quantity of input ÷ output d. Output ÷ quantity of input e. Output × quantity of input